Company Valuation: NetEase Cloud Music Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 26,573 14,527 17,458 23,222 36,362 18,747 - -
Change - -45.33% 20.17% 33.02% 56.59% -48.44% - -
Enterprise Value (EV) 1 26,573 5,464 8,008 13,078 24,225 4,050 1,705 -420.3
Change - -79.44% 46.56% 63.31% 85.24% -83.28% -57.89% -124.64%
P/E -8.03x -64.7x 23.5x 14.5x 13x 9.32x 8.34x 7.65x
PBR 3.6x 1.83x 2.07x 2.23x 2.74x 1.25x 1.09x 0.96x
PEG - 0.7x -0x 0x 0.2x -0.4x 0.7x 0.85x
Capitalization / Revenue 3.8x 1.62x 2.22x 2.92x 4.69x 2.22x 2.04x 1.9x
EV / Revenue 3.8x 0.61x 1.02x 1.64x 3.12x 0.48x 0.19x -0.04x
EV / EBITDA -20x -15.1x 23.1x 11x 14.8x 2.18x 0.77x -0.17x
EV / EBIT -19.7x -14.2x 24.3x 11.2x 14.9x 2.18x 0.79x -0.18x
EV / FCF - 3.01x 43.6x 7.38x 15.1x 1.9x 0.73x -0.17x
FCF Yield - 33.3% 2.29% 13.5% 6.63% 52.6% 138% -605%
Dividend per Share 2 - - - - - - 1.113 3.45
Rate of return - - - - - - 1.25% 3.87%
EPS 2 -15.92 -1.06 3.47 7.4 12.87 9.561 10.69 11.65
Distribution rate - - - - - - 10.4% 29.6%
Net sales 1 6,998 8,992 7,867 7,950 7,759 8,459 9,196 9,864
EBITDA 1 -1,332 -362 346.7 1,186 1,633 1,854 2,215 2,421
EBIT 1 -1,347 -384.5 330.2 1,171 1,622 1,854 2,149 2,385
Net income 1 -2,056 -221.5 734.2 1,562 2,748 2,068 2,277 2,502
Net Debt 1 - -9,063 -9,450 -10,144 -12,137 -14,697 -17,042 -19,167
Reference price 2 127.90 68.55 81.47 107.31 167.14 89.13 89.13 89.13
Nbr of stocks (in thousands) 207,757 211,906 214,289 216,391 217,549 210,330 - -
Announcement Date 24/3/22 23/2/23 29/2/24 20/2/25 11/2/26 - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
9.56x0.54x2.45x-.--% 2.83B
21.6x2.72x12.63x3.01% 38.71B
36.04x1.75x18.04x0.37% 5.44B
13.69x1.5x6.92x1.42% 1.14B
11.94x0.84x4.12x2.21% 1.11B
9.36x - - - 146M
-4.5x - - - 89.45M
Average 13.96x 1.47x 8.83x 1.4% 7.07B
Weighted average by Cap. 22.02x 2.41x 12.32x 2.49%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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